Government to Promote 'Export Strategy Project' Focused on Electric Vehicles, Secondary Batteries, and OLEDs... "Export Surplus Expected by October"

'First Launch of the Public-Private Joint Export Expansion Strategy Meeting'

The government is promoting the '9 Major Export Expansion Projects' focusing on electric vehicles, secondary batteries, and organic light-emitting diodes (OLED) to reverse the 12-month consecutive decline in exports.

On the 5th, Bang Moon-kyu, Minister of Trade, Industry and Energy, chaired the 1st Public-Private Joint Export Expansion Countermeasure Meeting, discussing the 9 Major Export Expansion Projects, support strategies for plant orders in the second half of 2023, measures to strengthen intellectual property protection systems for export companies, and comprehensive support plans for transitioning to export growth.

Minister Bang stated, "The fourth quarter of this year is a very important time to create visible export results and achieve an early transition to export growth, while securing new export momentum going forward. To this end, the Ministry of Trade, Industry and Energy will promote the 9 Major Export Expansion Projects to find new promising export items and significantly expand export markets through detailed analysis by market and product as part of short-term export measures."

First, the government aims to achieve $26.3 billion in exports and $31.2 billion in orders this year through the 9 Major Export Expansion Projects centered on three sectors: mobility, energy, and materials/components. In the mobility sector, to export to the ASEAN electric vehicle market, official development assistance (ODA) cooperation will be rapidly implemented, and through cooperation projects with the U.S. and the Middle East such as the 'Korea-U.S. Robot Industry Showcase,' a foothold for exporting Korea's robot industry will be established. In the Middle East region, the government will actively operate a public-private one-team approach to expand machinery exports through joint entry cooperation between construction companies and construction machinery companies, taking advantage of the infrastructure construction boom.

In the energy sector, exports of Korean equipment will be expanded in North American and European wind power projects, and to secure a leading position in the hydrogen fuel cell market with high growth potential, support will be actively provided through the 'Fuel Cell Export Support Task Force (T/F).' In the materials/components sector, support for technology development, marketing, and overseas certification acquisition will be strengthened targeting the Americas and other countries where demand for advanced new materials is growing, focusing on secondary batteries, transparent displays, and carbon fiber for aviation.

Minister Bang emphasized, "The Ministry of Trade, Industry and Energy will assign dedicated officers for each project and closely communicate with the government and industry to swiftly implement concrete measures, creating visible export and order results."

In the plant sector, based on normal economic diplomacy, the government plans to materialize the results of the new Middle East boom and expand it to Asia and Africa to achieve an order target of over $30 billion this year. Additionally, a public-private joint 'Ukraine Reconstruction Delegation' will be dispatched within this year to support reconstruction cooperation in Ukraine.

Alongside this, to proactively prevent and remedy overseas intellectual property disputes that act as obstacles to the export of consumer goods such as K-beauty, K-food, and content, which are expanding exports mainly to China and Southeast Asia due to the Korean Wave, the overseas IP center will significantly expand support for overseas local intellectual property protection from the current 11 countries to 40 countries. Education to prevent intellectual property disputes will be strengthened, and close support will be enhanced from initial responses such as evidence collection and legal consultation to administrative and civil litigation for damage relief when disputes occur.

Minister Bang said, "In September, our exports recorded the lowest export decline rate since October last year, four consecutive months of trade surplus, and the highest export performance this year in exports to China and semiconductors, marking a turning point for export growth. To turn the improving export trend into export growth, we must export even one more dollar with urgency, and as the Export One Team Korea Headquarters, we will mobilize all public and private capabilities centered on the Public-Private Joint Export Expansion Countermeasure Meeting."

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy is delivering opening remarks at the '1st Public-Private Joint Export Expansion Strategy Meeting' held on the 5th at the Korea International Trade Association in Gangnam-gu, Seoul. Photo by Kang Jin-hyung aymsdream@